Milwaukee-based Baird said late Wednesday that it will merge with Seattle-based McAdams Wright Ragen. The deal means Baird could add up to 85 financial advisors, bringing its rep count to 810.
Both firms are employee-owned. Baird has more than $100 billion in client assets, while MWR has more than $10 billion. Terms of the deal were not made public.
“Taking this important step enables MWR to enhance the services and capabilities it offers its clients, and positions Baird to expand our current footprint in the Pacific Northwest,” said Baird Chairman and CEO Paul Purcell, in a press release. “We couldn’t be more pleased to welcome MWR to the Baird family.”
Since early 2009, Baird says it has added more than 325 financial advisors and branch managers, the vast majority of whom are industry veterans, to its ranks.
On Monday, Baird said it recruited a new branch manager in Charleston, S.C., from Wells Fargo (WFC). The company also posted its 2013 financial results and noted that it recruited 44 veteran advisors and branch managers last year.